Revolut Launches Revolut Lite In Latin America To Push Expansion

Revolut, one of the leading financial apps globally, seeks to promote financial inclusion. The platform launched in Brazil in May and is now looking to expand rapidly into the LATAM region. LATAM is one of the key geographic areas needed for the company’s growth.

Revolut to expand into LATAM

Revolut’s efforts toward global expansion have been robust in the past six months, with the company unveiling its app in Brazil and New Zealand. The company is now accelerating its growth into the Latin American region by giving customers a unique Revolut experience using a streamlined version of this app.

The World Bank said 122 million people across Latin America will be unbanked in 2021. As such, Revolut is planning to target these unbanked people in the region with the “lite” version of the app. This app will allow customers to transfer to other Revolut customers at no charge through the P2P system, card transfer, and global bank transfers.

The expansion of Revolut into the LATAM region will support expat communities in Portugal and Spain, with the superapp having nearly 3 million customers in the two markets. Revolut is also among the first companies that made it possible for customers to send and receive in 4 countries across four continents.

Promoting financial inclusion

Revolut is currently working on creating a world that is financially inclusive to everyone. The company recently said it would open accounts to non-US citizens who have lawfully immigrated into the US but lack SSN/ITIN. This initiative will target over 2.5 million people in the US, including one million students.

Financial companies usually ignore people in the US with a visa but no SSN/ITIN. As such, this population does not have access to financial services and few options for managing finances. The gap in this market is massive, given that over $60 billion annually is transferred between the US and Mexico.

Users of the Revolut platform across the US can benefit from the services offered by Revolut when sending and receiving money to and from Mexico. Because of this offering, Revolut will also target Mexico as one destination for international expansion.

Revolut is changing marketing by providing access to a hassle-free solution, such as easy account sign-up and access to various money management products. The offering includes globally recognized features like a global credit card, low-free currency exchange, global transfers, and early salary access.

Revolut has also made it easy for users to create an account on the platform and use its services. Users have to verify their identity using a valid ID document. Revolut published a report earlier this month saying that money transfers usually increase during global cultural celebrations. The gain is evident with the 62% growth in money transfers to and from Muslim countries during the Eid al-Adha celebrations.